C&S/Sovran Corp. v. First Federal Savings Bank

Hines, Justice.

This litigation stems from a failed bank merger. In April 1988, Citizens & Southern Corporation, Citizens & Southern Georgia Corporation, and Citizens & Southern National Bank (C&S) entered into an Agreement and Plan of Reorganization (Agreement) with First Federal Savings Bank of Brunswick (First Federal). The Agreement provided that First Federal would merge with C&S, and that First Federal shareholders would receive a certain number of C&S shares to be determined by a formula in the Agreement.

On September 1, 1990, C&S merged with Sovran Bank Corporation. Later that year,…